Morgan Stanley Upgrades Freeport-McMoRan (FCX) to Overweight

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Freeport-McMoRan (NYSE:FCX) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report released on Tuesday, Marketbeat Ratings reports. The firm currently has a $14.00 target price on the natural resource company’s stock, down from their prior target price of $16.00. Morgan Stanley’s target price would indicate a potential upside of 13.91% from the stock’s previous close.

A number of other research firms have also weighed in on FCX. Citigroup dropped their price objective on Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday, October 17th. Royal Bank of Canada lowered Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 price objective for the company. in a research note on Tuesday, November 6th. They noted that the move was a valuation call. ValuEngine lowered Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 8th. B. Riley dropped their price objective on Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Thursday, October 25th. Finally, Raymond James dropped their price objective on Freeport-McMoRan from $14.50 to $14.00 and set a “market perform” rating for the company in a research note on Friday, January 25th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $16.15.

NYSE:FCX opened at $12.29 on Tuesday. Freeport-McMoRan has a 52-week low of $9.60 and a 52-week high of $19.74. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.23 and a quick ratio of 1.80. The stock has a market cap of $16.88 billion, a price-to-earnings ratio of 8.09 and a beta of 2.20.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 24th. The natural resource company reported $0.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.07). Freeport-McMoRan had a net margin of 12.12% and a return on equity of 15.88%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.86 billion. During the same period in the prior year, the firm posted $0.51 EPS. The business’s revenue for the quarter was down 26.9% on a year-over-year basis. Equities research analysts predict that Freeport-McMoRan will post 0.5 EPS for the current year.

In related news, VP C Donald Whitmire, Jr. sold 7,425 shares of the business’s stock in a transaction dated Tuesday, February 12th. The stock was sold at an average price of $11.58, for a total value of $85,981.50. Following the sale, the vice president now directly owns 67,974 shares in the company, valued at $787,138.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.05% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the business. Rational Advisors LLC purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $26,000. Lindbrook Capital LLC purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $28,000. JOYN Advisors Inc. raised its position in Freeport-McMoRan by 141.1% during the fourth quarter. JOYN Advisors Inc. now owns 2,806 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 1,642 shares during the period. Athena Capital Advisors LLC purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $30,000. Finally, Essex Savings Bank purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $44,000. Institutional investors and hedge funds own 70.49% of the company’s stock.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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